Corn for ethanol, after February data, likely just above USDA's goal.

USDA reported February corn for ethanol usage at 442 million bushels. This was near our 446 morning expectation. Making up for weather impacts in January, this month's run was +10.7% from last year. September - February usage, after one half of the year, comes to 2.714 billion bushels. That is 6.5% over last year. We remain ahead of USDA's goal of +3.8% for the whole year.

While we are not sure if this aggressive early-year pace will last in the second half, and will note efficiency is a little weaker this year, we are ahead of USDA's current goal.

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